0848 CST I'm not doing anything because two 0900 reports are coming out, Help Wanted and NAPM. With yesterday's and this morning's report activity it is best to wait.
0901 CST While I didn't initiate a trade, I love it when everything jells together. Get ready to go long. First target is 114 11. I'll list other targets in a moment. I'm looking for a good entry.
Long a 10 lot at 114 02. Targets are: 114 11 114 27 115 00 Keep in mind my 6 tick rule and never let a profit turn into a loss after price moves in your favor 4 - 6 ticks.
I got bids to buy the ZN at 108-29 - 50% fib retracement from todays lows to highs (i'm using a 60 min chart). What timeframe charts are you using? Do you scale into your positions or just 'all-in/out'?
I trade off of the 3 min and the 5 min. Mostly the 3 min these days. The neural net is set up with a 5 min. I have my pivots on an hourly chart. I only scale in if I am uncertain.
Recap 30 Nov 2006 Excellent trading yesterday. It looks like I nailed the trend as well as the numbers as well as the fact that prices would not fail when they approached 114 00 at 0830. To be honest, deciding if you will have a failure of a retracement or a continuation of the trend is one of the hardest things to do. However, looking at past price behaviour, volume, price levels, reports, etc you get an intuitive feel for things after a fashion. The beauty of the first buy at 114 02 is that at most I would risk 4 ticks on the trade, i.e. a stop at 113 30. Finally, with my strong bias to the upside today, I would never consider a short and would only exit my positions for a profit, looking to get in again on a pullback towards a price level. The only other trade I see today is at 0930 on the 5 min bar between 114 03 and 114 00. I didn't take it as I had already made my money for the day and I have to study for the CISSP exam. The important things to learn from today are the following: 1) Learn to spot when price will not fail when coming up from the bottom. 2) Learn to trade only one side of the market when the market is screaming at you that it wants to go only one way. Today you knew this betweem 0825 and 0855 and you were given another sign at 0930.